Crypto Custodian Komainu Receives a Full VASP License in Dubai!
Komainu, the crypto custodian, has received a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). The license allows the company to offer institutional staking, collateral management, and custody services via its Komainu Connect platform. Komainu is among the first firms to receive a full VASP license in Dubai, a growing region for crypto. VARA established a four-stage licensing process in March 2022 to provide a regulatory framework for digital assets. Komainu is planning to double its Dubai headcount by the end of the year.
FTX Seeks Exclusion of Dubai Unit from Bankruptcy Proceedings in the US
FTX has filed court documents requesting the exclusion of its Dubai unit from the ongoing wind-down proceedings in the United States. The exchange, which filed for bankruptcy in the U.S. in November 2022, initiated Chapter 11 cases for 102 associated entities worldwide, including FTX Dubai, established in February 2022 and owned by the company’s European arm.
In the recent court filing, the bankrupt estate argued that FTX Dubai did not conduct any business in the United Arab Emirates (UAE) before the bankruptcy filing and, therefore, has no reasonable likelihood of rehabilitating its operations. The filing also highlighted that FTX Dubai’s balance sheet is solvent, suggesting that a solvent voluntary liquidation procedure in accordance with UAE laws would allow for a timely distribution of the positive cash balance after settling all liabilities and liquidating assets.
While the estate asserts that any court orders involving FTX Dubai during the proceedings should stand, it argues that the dismissal request is necessary to protect the debtors and authorize them to fulfill obligations, such as paying pre-bankruptcy wages, salaries, and other compensation, benefits, and expenses to Dubai employees.
As the legal proceedings continue, stakeholders are keen to see how the situation evolves and how the exclusion of FTX Dubai from the bankruptcy proceedings might impact the overall wind-down process.
FTX Customers Express Disappointment Over Draft Bankruptcy Exit Plan
FTX’s Official Committee of Unsecured Creditors (UCC), representing the interests of FTX customers, has expressed its “extreme disappointment” with the exchange’s draft bankruptcy exit plan. According to a court filing on July 31, the UCC claims that despite repeated requests and previous assurances, the FTX restructuring team did not engage in any calls or meetings to discuss the draft Chapter 11 plan.
The draft plan aims to categorize customer claims into classes and lays out a pathway for FTX to re-launch as an offshore exchange. However, the UCC has warned that if its concerns continue to be ignored, it will present its own plan for FTX customers to vote on.
As the situation unfolds, stakeholders are closely monitoring developments and the potential impact on FTX’s restructuring and future operations. The involvement of the Official Committee of Unsecured Creditors adds another layer of complexity to the bankruptcy proceedings, raising questions about the overall direction and outcome of the process.
Bankrupt FTX seeks to exclude the Dubai Unit from Wind-down Proceedings in the US!
Bankrupt crypto exchange FTX has filed court documents requesting to exclude its Dubai unit from the wind-down proceedings in the U.S. FTX Dubai, which was set up in February 2022 and owned by the company’s European arm, had been included in the Chapter 11 cases filed by FTX. However, the estate argues that FTX Dubai did not conduct any business before the bankruptcy filing in the United Arab Emirates and is a balance sheet solvent, making a voluntary liquidation procedure under UAE laws the most practical course of action. A hearing on the matter is scheduled for August 23.
Dubai Watchdog Highlights Risks in Global Crypto Regulations
In a significant development, Dubai’s regulatory authority, renowned for its progressive approach to financial innovation, has sounded the alarm on the inherent risks stemming from the global regulatory gaps within the cryptocurrency industry.
As cryptocurrencies continue to gain mainstream attention and adoption, concerns have grown over the urgent need for consistent oversight and a robust legal framework across diverse jurisdictions.
Dubai’s Financial Regulatory Authority Expresses Concerns
Elisabeth Wallace, representing Dubai’s financial regulatory authority, issued a stern warning, highlighting the pressing need for global watchdogs to engage in constructive dialogue to prevent “bad actors” from exploiting gaps in cryptocurrency regulations.
While acknowledging the immense potential for technological advancement and financial inclusion that cryptocurrencies offer, the authority stressed the crucial importance of updating rules governing various crypto tokens.
International Collaboration for a Coordinated Approach
Recognizing the global nature of cryptocurrencies, Dubai’s regulatory authority strongly advocates for international collaboration and coordination among regulatory bodies worldwide. This call for unity stems from the realization that numerous crypto businesses operate across borders, necessitating a harmonized approach.
Dubai and Hong Kong have been actively vying to attract capital investments in cryptocurrencies, positioning themselves as potential global hubs for this emerging sector.
However, the regulatory landscape in the United States has become increasingly stringent following the downfall of the digital asset exchange FTX and a significant market crash in 2017.
Emphasizing the urgency of establishing a comprehensive framework, Dubai’s regulatory authority seeks to promote responsible innovation, safeguard investor interests, and address the potential risks associated with cryptocurrencies in a coordinated and consistent manner.
The Annual Crypto306 Exhibition To Be Hosted In Dubai On 8th May
Crypto 306 is set to organize its annual event to bring the global crypto community under one roof. This year, the event will be held on the 8 & 9th of May at The Ritz-Carlton Hotel, Dubai, and will focus on increasing awareness about crypto projects by bringing together traditional & corporate companies to meet with crypto project founders and leading Web3 companies executives to shed light on the emerging crypto world.
Through its events which are organized annually in three different countries, Crypto 306 strives to share ideas and values that will determine the future of cryptocurrencies.
The Crypto 306’s crypto exhibition in 2022 was a huge hit, the event witnessed record-breaking attendees from all over the world. Capitalizing on last year’s event success, the spectrum of knowledge sharing will be wider this year with additional speakers and blue-chip sponsors.
This crypto event will welcome 7000+ attendees, 50+ speakers, and will be backed by 60+ big community project sponsors including Babydoge, Raca, and Lovely Inu Finance.
KuCoin Community Chain is also participating in this year’s exhibition of the crypto event to spread awareness about its company’s functionality and attract more users.
Diamond sponsors like Gotbit, CLS, and top media companies have partnered with Crypto 306 to execute a successful event.
The event will host leaders/speakers from different countries sharing their hard-earned knowledge and professional experience in the crypto field. This will provide a great opportunity to enhance one’s understanding of cryptocurrencies and how the market works.
Some of the event highlights will be “company formation in Dubai, the importance of market making, and what is an L2 infrastructure”, etc.
Notable Speakers
- Alex Andryunin, CEO, of Gotbit Hedge Fund
- Mahmoud Farouk, CEO, TinyTrader
- Emre Dumraz, CEO, Solverse Digital
- Bharat P. Ramnani, CEO, Startbiz Global
- Andrey Akulenko, Head of Sales, Azbit
- Nitesh Mishra, Co-founder, ChaiDex
- Sergo, BD, CLS
- Rudy Shoushany, CEO, DXTalks
- Owais Sultan, Security Researcher Inspector, Lovely Swap
- Tatiana Burmakina, Regional Manager, Lovely Swap
About Crypto 306
Crypto 306 is an event company that organizes crypto-related events. The motive behind hosting crypto events is to provide educational content and networking opportunities to investors, developers, and crypto enthusiasts.
Crypto 306 aims to bring the global crypto market to one platform by collaborating with top crypto field personnel and world media to help enrich the understanding of this volatile market, discover new & innovative ideas, and explore new opportunities.
For more details
Email: [email protected] or visit,
Address
Office 704-C, Aspin Commercial Tower, Sheikh Zayed Road, Dubai
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Agora Group To Host The 11th Global Blockchain Congress On March 6th And 7th In Dubai, UAE.
The 11th Edition of the Global Blochian Congress is set to return on March 6th and 7th, 2023 in Dubai, UAE. The event will be hosted by the Agora Group.
The theme of this edition is: “Resiliency and Adaptability”.
The Global Blockchain Congress leverages the experience gained through hosting the first 10 editions of the event in Dubai to ensure maximum return on investment for all their sponsors.
Over the course of the past ten editions, the Global Blockchain Congress has welcomed over 1,000 investors and 250 blockchain startups, resulting in the successful raising of millions of dollars for participating projects.
The 11th Edition of the event will be focusing on the DeFi, Gaming, Metaverse, and NFTs, with a great line-up of speakers from the best and brightest minds in Blockchain in the world, and hosting the fourth edition of the Global Blockchain Congress Awards.
The company is pleased to have “Lightening Exchange” as the Official Title Sponsor at the event.
The event is an exclusive, invitation-only congress featuring a closed-door format that revolves around pre-arranged one-on-one meetings between projects and investors. Agora Group will host over 150 investors and 30 projects from various parts of the globe.
In addition to that, the GBC will host regulators and enablers of Blockchain technology in the UAE, an A-list of 60+ subject matter expert speakers & more than 30 Media Partners.
For event details visit: gbc-uae.com
Registration Link: bit.ly/11th-GBC
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Blockchain Life To Host The 10th Global Blockchain and Crypto Forum in Dubai
On February 27-28, the 10th Global Forum on blockchain, cryptocurrencies, and mining will take place in Dubai hosted by Blockchain Life.
The event will be attended by some of the top key industry players, government representatives, heads of international companies, funds, investors, promising startup teams and beginners.
It is noteworthy that the Forum will serve as a meeting point for a high-level cryptocurrency audience, including prominent Crypto Whales from around the world.
At this event, here’s what you can expect:
- Whales of the crypto industry gathered in one place.
- Top speakers with world-changing insights and analytics
- Global expo of the latest Web 3.0 technologies
- Breakthrough smart networking app
- The legendary AfterParty on the luxury yacht trip
The 10th Global Blockchain and Crypto Forum, hosted by Blockchain Life, is set to bring together some of the most influential voices in the world of blockchain and cryptocurrency. With a premium audience expected to attend, this event is a must-see for anyone interested in the future of these innovative technologies.
Here is a list of just some of the top speakers who will be in attendance:
- Yat Siu – Co-Founder and Executive Chairman of Animoca Brands, Founder and CEO of Outblaze
- Sergei Khitrov – Founder of Listing.Help and Blockchain Life
- Ben Zhou – Co-founder and CEO of Bybit
- Dr. Marwan Alzarouni – CEO of Dubai Blockchain Center
- Carl Runefelt – Crypto Entrepreneur, Founder Of CryptoJobs.com
- Chris MMCrypto – Cryptocurrency Expert, Co-Founder of MMCrypto
- Gabriel Abed – Ambassador of Barbados to the UAE
- Dr. Mohamed Al Hemairy – Director of Technology Transfer Office at University of Sharjah, Blockchain & Crypto Advisor
- Manan Shah – Founder and CEO of Avalance Global Solutions and CyBirb
- Gracy Chen – Managing Director of Bitget
This year the event will take place on February 27th and 28th in the vibrant city of Dubai. The event will be held at the luxurious Atlantis the Palm, providing attendees with the perfect setting to network and engage with other like-minded individuals.
Don’t miss this opportunity to be part of the 10th Global Blockchain and Crypto Forum. Secure your spot now by purchasing a ticket at https://blockchain-life.com/asia/en/#tickets-row.
With limited space available, this event is expected to sell out quickly, so make sure to secure your ticket today!
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Last Chance to Register for iFX EXPO Dubai 2023.
iFX EXPO Dubai 2023 is rapidly approaching, and it is expected to be the largest iFX EXPO ever held in the Middle East and North Africa (MENA) region. Between January 16-18, the event will bring together top professionals in the financial and fintech sectors under the roof of the Dubai World Trade Centre for two days of business collaboration and networking. This year, the event will feature 40% more exhibitors and around 3,500 attendees worldwide. Major industry players such as Exness, ZuluTrade, MultiBank Group, B2Broker, ADSS, StoneX, and OneZero, among many others, will be exhibiting and sponsoring the event.
This iFX EXPO Edition’s Highlights
The two days of discussions at iFX EXPO Dubai 2022 will gather together professionals in online trading, financial services and fintech, providing a perfect platform to network with industry-leading brands and discuss topics, such as financial services regulations and their impact on the industry, liquidity in MENA, Crypto and Web 3.0, regulatory frameworks, improving client retention, and others.
Both days will be filled with informative discussions in the Speaker Hall and the Idea Hub, while the networking events will cap off the thought-provoking debate, allowing participants to unwind and connect at a deeper level in an informal setting. For a complete overview of the topics and speaker lineup, view the agenda.
Don’t miss this opportunity to hear from experts and engage in meaningful discussions with your peers. Here’s what some of our panellists are saying about the event:
Daniel Takieddine (CEO MENA, BDSwiss) is excited about “the prospect of networking with like-minded people and professionals.”
Jonathan Brewer (Managing Partner, IS Prime) is looking forward to “meeting existing contacts and making new connections in one of the major booming growth geographies in our entire industry.”
Damian Hitchen (CEO MENA, Saxo Bank) is thrilled to “engage with partners, private delegates, and industry colleagues in a vibrant debate around the industry’s future.”
Serena Sebastiani (Director of Financial Services Advisory, PwC Middle East) is looking forward to “meeting market participants, engaging in discussions on how to support their businesses, and bringing an impact in the industry through solving current issues.”
Arshad Khan (CEO, Venomex Limited) is excited to “have meaningful discussions with experts in the financial industry on regulatory frameworks, innovations in the fintech space, adoption of digital currencies, and to build an ecosystem within the MENA region where consumers will see agility and personalisation of financial services.”
Don’t Miss Out, Register Now to Secure Your Pass
Register now to secure your Pass and access 2+ days of unparalleled networking with industry leaders and decision-makers, entry to the Speaker Hall and Idea Hub, access to sponsored food and beverage areas, WIFI connection, and admission to the impressive official iFX EXPO Parties (Welcome and Night Party).
Don’t wait – less than two weeks left until iFX EXPO kicks off in Dubai!
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Binance Secures License For Offering Crypto Services In Dubai
The post Binance Secures License For Offering Crypto Services In Dubai appeared first on Stablecoin Vs Fiat Currencies: Features, difference, And Factors
Recently, Binance secured a license to offer full crypto exchange products and services in Dubai. Earlier the exchange just had a license to offer some of the limited crypto exchange products and services to qualified investors.
According to the press release, with the new Minimal Viable Product license, the exchange can open a domestic bank account to hold funds of the users locally, operate the exchange, and offer payments and custody services to the users. MVP license from the Dubai regulator was received by Binance back in March.
Binance has been trying to attain global regulatory approval after facing a series of setbacks.
Fazzaco Expo Dubai 2022 – A Leading B2B & B2C Gathering for the Global Fintech Industry
Fazzaco Expo Dubai 2022 will make its debut in Dubai on October 12-13, 2022 at Festival City-Festival Arena. It is a high-quality B2B+B2C event offering seamless networking opportunities for decision-makers, executives, managers, IBs, and traders across the financial and fintech industry, including PSPs, CRM providers, brokers, liquidity providers, trading software providers, white label providers, and blockchain companies, to name a few.
Various online / in-person events are here to happen, aided by LEDs and displays, with numerous onsite gifts and non-stop seminars, turning Fazzaco Expo Dubai 2022 into a fresh and lively financial show you’ve never seen before, allowing everyone to get more out of it.
Why You Shouldn’t Miss Fazzaco Expo Dubai 2022
– Free admissions. Fazzaco Expo provides free admission for all registered visitors. You can register it both on Fazzaco Expo site or at the entrance. To get fast access, we highly recommend online registration.
– Exciting prizes! Whether you are coming here to look for potential partners, clients, or just wanna stay tuned to the fintech industry, or maybe just want to browse a bit. You have the chance to win a prize too! We prepared loads of prizes from iPhone 13 Pro, to Samsung Galaxy S22 and even more!
– Much more networking Opportunities. About 10,000+ visitors will attend expo, it will be a great opportunity to grow your business network and meet your old friends.
– Most engaging content. Non-stop speeches and panel discussion will refresh your mind and make it possible to discuss with industry leaders face-to-face.
– Distinctively immersive experience. Eye-catching visual experience from 6 big LED screens brings you into an immersive Expo that’s totally different from what you’ve seen before.
Time: October 12 – 13, 2022
Location: InterContinental Dubai Festival City – Festival Arena
Expo link: http://expo.fazzaco.com/
Contact：[email protected]